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hey gang need some help. I'm in a 5/1 arm loan. bought my place for 196k... there's about 10 places in my square mile in florida that are now empty due to foreclosers, etc. My buddy is actually buying a place next door for 75k and to be honest he is the only person I seen looking at places around my neck of the woods. I've been in my place for two years and been on time with my payments. recently, my school on where i teach told us they are cutting back and most likely i'll be losing some of my pay and as it is i'm running short on cash each month. the good news i'm looking at skinner cause i'm not eating as much.. the bad news is i'm not eating as much. so here's my question. I got a few letters in the mail from agencies explaining how they can do a loan mod for me but there's a few of 4000k... which i don't have. I called countrywide and ask if they could help and they said no cause they don't have a program for a 5/1 arm... i got to believe obama didn't create a program to charge me money to save me money right... or am i crazy.. any advice out there?

gmakerley · Posted: Thu Apr 23, 2009 6:25 am Post subject:

DO NOT!
DO NOT!
DO NOT!
pay anyone else to do a modification. go to the hud website (www.hud.gov) and check for housing counselors who will FOR FREE assist you in obtaining a modification.

these companies are only going to take your money, give you cruddy service and then you'll eventually find out that the mortgage lender has no record of contact, no money from anyone on your behalf, and that they cannot do a modification.

the entire population of this country needs help. there are too many scam artists out there (i suppose using the term "artist" is inappropriate, isn't it?). you should NEVER have to pay someone for this service. it is absolutely unnecessary.

i will not get off this soapbox

srleee · Joined: 23 Apr 2009 Posts: 14 4.70 Dollars($)

Well, also you can check out the new program that is coming out on May 2nd... Refi Plus I believe its called. You can check if you're eligible for refinancing (and lowering your payment)... You don't have to modify...

eric1 · Posted: Mon Apr 27, 2009 12:10 pm Post subject:

DU Refi Plus will help but only of the loan to value does not exceed 105%. In addition, the existing loan must already reside with FNMA. Freddie has their own version of the program as well.

The original post indicates that the house next door is selling for only $75k. If that is market value, then his home may be seriously under water and the DU Refi Plus would not work.

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